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Qs for Chris

  • Which tokens do we want to allow for:
    • deposit
    • borrow
  • Do we still do incentives for the users of the lending market?
    • If yes, what reward token(s) do we want to use as incentives?
  • What network(s) we want to deploy first?
  • How will we utilize the lending market product now? (context: in the past the LendingM was used in combination with XaveStrats)
  • Will the utility/function of the “XaveLendingToken” be exactly the same with the Aave V2 reward token?
  • Will the “XaveLendingToken” be open for market trading?
  • Do we want to implement the stkAAVE module/ insurance module?
  • FXPool halts at 90% : 10%? Should be at 80% : 20%? Alpha at 0.8
  • MockVariableDebtToken included instead of VariableDebtToken
  • confirm the Treasury address
  • AVAX: no USDC/ETH, EUR/ETH, feed
  • add fxPriceFeed to the repo + create tests for it
    • VCHF:
      • base: CHF / USD; quote: ETH / USD
    • USDC:
      • base: USDC / USD; quote: ETH / USD
  • Sepolia:
    • deploy Mock ETH / USD oracle
    • deploy LP Oracle

ETHBorrowable = 107.89206652 + 0.86124305 totalETHBorrowable = 108.75330957 ETH Price = 1448.49 lpPrice 451750444428150 LP Price in ETH = 0.00045175 LP price in USD = 0.00045175 * 1448.49 = 0.65435536

USDC Borrowable = 156,276.802229 USDC Deposited = 167,953.74573

total USD Borrowable = 108.75330957 * 1448.49 = 157528.08137905

156,276.802229 / 167,953.74573 156276.802229 / 167953.74573 = 0.93047524

157528.08137905 / 167953.74573 = 0.93792538

aToken 82658718363 USDC 82658718363

/**

rvs 0 0x6B175474E89094C44Da98b954EedeAC495271d0F rvs 1 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 rvs 2 0xdAC17F958D2ee523a2206206994597C13D831ec7 rvs 3 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 rvs 4 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2 rvs 5 0x70e8dE73cE538DA2bEEd35d14187F6959a8ecA96 rvs 6 0x64DCbDeb83e39f152B7Faf83E5E5673faCA0D42A

end liquidity 768442289045999999999998 end supply 603828859502393049596347

supply / liquidity 603828859502393049596347 * 1e18 / 768442289045999999999998

*/

// address[] memory rvs = LP.getReservesList();
// console.log('rvs 0', rvs[0]); // DAI
// console.log('rvs 1', rvs[1]); // USDC
// console.log('rvs 2', rvs[2]); // USDT
// console.log('rvs 3', rvs[3]); // WBTC
// console.log('rvs 4', rvs[4]); // WETH
// console.log('rvs 5', rvs[5]); // XSGD
// console.log('rvs 6', rvs[6]); // XSGD HLP

// console.log('ETH/USD price', uint256(price));

Test for HLP Oracle contract

  • get price for HLP Token (1)
  • manipulate ratio of FXPool
  • get price for HLP Token (2)
  • (1) should === (2)
  • if not then ...
  • Oracle Network

!!! HLP Oracle FXPool ratio manipulation scenario (assumptions) !!!

  • Start state FXPool 40% XSGD / 60% USDC
  • Bob deposits XSGD / USDC LP tokens as collateral into LendingPool
  • Bob draws USDC loan against his LP tokens
  • Lending Pool marks his LTV at 60% relative to his collateral
  • 1 TX
  • Swap: Sells XSGD into FXPool (XSGD/USDC) takes it out of BETA

  • FXPool state: 80% XSGD / 20% USDC

  • Question

  • Has price changed?

  • Calls `liquidationCall` on the lendingPool

  • Lending Pool checks price of LP token

[SWAP 1] lpEthPrice2 451896018515278 [SWAP 2] lpEthPrice2 451891824293920 [SWAP 3] lpEthPrice2 451888783425125 [SWAP 4] lpEthPrice2 451884551478237 [SWAP 5] lpEthPrice2 451881480859627 [SWAP 6] lpEthPrice2 451877211893786 [SWAP 7] lpEthPrice2 451874112095126 [SWAP 8] lpEthPrice2 451869806798860 [SWAP 9] lpEthPrice2 451866678373583 [SWAP 10] lpEthPrice2 451862337407098 [SWAP 11] lpEthPrice2 451859180898801 [SWAP 12] lpEthPrice2 451854804914416

--- WITH MINT FEES --- [SWAP 1] lpEthPrice2 451967559880610 [SWAP 2] lpEthPrice2 451922424678916 [SWAP 3] lpEthPrice2 451898336528399 [SWAP 4] lpEthPrice2 451850213913532 [SWAP 5] lpEthPrice2 451822231674150 [SWAP 6] lpEthPrice2 451771567479617 [SWAP 7] lpEthPrice2 451740426050435 [SWAP 8] lpEthPrice2 451687574648662 [SWAP 9] lpEthPrice2 451653820432194 [SWAP 10] lpEthPrice2 45159906815667 [SWAP 11] lpEthPrice2 45156311844918 [SWAP 12] lpEthPrice2 45101353137727

S2 - S3: 451922424678916 - 451898336528399 = 24088150517 S3 - S4: 451898336528399 - 451850213913532 = 48122614867

--- WITH Oracle Update Unclaimed Fees Subtraction ---

[SWAP 1] lpEthPrice2 451860496073837 [SWAP 2] lpEthPrice2 451818837695288 [SWAP 3] lpEthPrice2 451787779816214 [SWAP 4] lpEthPrice2 451746134843830 [SWAP 5] lpEthPrice2 451715086959581 [SWAP 6] lpEthPrice2 451673455386891 [SWAP 7] lpEthPrice2 451642417490979 [SWAP 8] lpEthPrice2 451600799311517 [SWAP 9] lpEthPrice2 451569771400786 [SWAP 10] lpEthPrice2 451528166608090 [SWAP 11] lpEthPrice2 451497148676060 [SWAP 12] lpEthPrice2 451090806445253

S2 - S3: 451818837695288 - 451787779816214 = 31057879074 S3 - S4: 451787779816214 - 451746134843830 = 41644972384

452141146998027 - 452141146996359 452141146998027 - 452141146996359

452141146996359 - 452141146995692

--- WITHOUT MINT FEES --- [SWAP 1] lpEthPrice2 451580193343823 [SWAP 2] lpEthPrice2 451496987584777 [SWAP 3] lpEthPrice2 451434964549626 [SWAP 4] lpEthPrice2 451351812295214 [SWAP 5] lpEthPrice2 451289829137777 [SWAP 6] lpEthPrice2 451206730336407 [SWAP 7] lpEthPrice2 451144787016577 [SWAP 8] lpEthPrice2 451061741616724 [SWAP 9] lpEthPrice2 450999838097767 [SWAP 10] lpEthPrice2 450916846047970 [SWAP 11] lpEthPrice2 450854982289879 [SWAP 12] lpEthPrice2 450045334556097

--- MINT FEES AFTER ALL SWAPS ---

[SWAP 1] lpEthPrice2 451580193343823 [SWAP 2] lpEthPrice2 451496987584777 [SWAP 3] lpEthPrice2 451434964549626 [SWAP 4] lpEthPrice2 451351812295214 [SWAP 5] lpEthPrice2 451289829137777 [SWAP 6] lpEthPrice2 451206730336407 [SWAP 7] lpEthPrice2 451144787016577 [SWAP 8] lpEthPrice2 451061741616724 [SWAP 9] lpEthPrice2 450999838097767 [SWAP 10] lpEthPrice2 450916846047970 [SWAP 11] lpEthPrice2 450854982289879 [SWAP 12] lpEthPrice2 450045334556097

--- Total Supply plus unclaimed fees in numeraire ---

[SWAP 1] lpEthPrice2 451860670008869 [SWAP 2] lpEthPrice2 451819067105016 [SWAP 3] lpEthPrice2 451788055568782 [SWAP 4] lpEthPrice2 451746479417262 [SWAP 5] lpEthPrice2 451715487820313 [SWAP 6] lpEthPrice2 451673938395329 [SWAP 7] lpEthPrice2 451642966716779 [SWAP 8] lpEthPrice2 451601443992569 [SWAP 9] lpEthPrice2 451570492214883 [SWAP 10] lpEthPrice2 451528996165717 [SWAP 11] lpEthPrice2 451498064268061 [SWAP 12] lpEthPrice2 451093240167666

  1. If simulated on the oracle, the value is bigger than actual swap then mint fee
  2. totalSupply plus totalUnclaimedFeesInNumeraire is slightly higher than Liquidity minus totalUnclaimedFeesInNumeraire

jan 30 tests

--- Mint Fees after all swaps VS Liquidity minus totalUnclaimedFeesInNumeraire ---

451580193343823 - 451860496073837 = -280,302,730,014 // 0.000000280476665 451496987584777 - 451818837695288 = -321,850,110,511 451434964549626 - 451787779816214 = -352,815,266,588 451351812295214 - 451746134843830 = -394,322,548,616 451289829137777 - 451715086959581 = -425,257,821,804 451206730336407 - 451673455386891 = -466,725,050,484 451144787016577 - 451642417490979 = -497,630,474,402 451061741616724 - 451600799311517 = -539,057,694,793 450999838097767 - 451569771400786 = -569,933,303,019 450916846047970 - 451528166608090 = -611,320,560,120 450854982289879 - 451497148676060 = -642,166,386,181 450045334556097 - 451090806445253 = -1,045,471,889,156

--- Mint Fees after all swaps VS totalSupply plus totalUnclaimedFeesInNumeraire --- 451580193343823 - 451860670008869 = -280,476,665,046 451496987584777 - 451819067105016 = -322,079,520,239 451434964549626 - 451788055568782 = -353,091,019,156 451351812295214 - 451746479417262 = -394,667,122,048 451289829137777 - 451715487820313 = -425,658,682,536 451206730336407 - 451673938395329 = -467,208,058,922 451144787016577 - 451642966716779 = -498,179,700,202 451061741616724 - 451601443992569 = -539,702,375,845 450999838097767 - 451570492214883 = -570,654,117,116 450916846047970 - 451528996165717 = -612,150,117,747 450854982289879 - 451498064268061 = -643,081,978,182 450045334556097 - 451093240167666 = -1,047,905,611,569

--- Mint Fees after all swaps VS totalSupply plus totalUnclaimedFeesInNumeraire adjusted formula logic --- 451580193343823 - 451636049230145 = -55,855,886,322 451496987584777 - 451627725214178 = -130,737,629,401 451434964549626 - 451621518550204 = -186,554,000,578 451351812295214 - 451613195070680 = -261,382,775,466 451289829137777 - 451606988806069 = -317,159,668,292 451206730336407 - 451598665861271 = -391,935,524,864 451144787016577 - 451592459995985 = -447,672,979,408 451061741616724 - 451584137586694 = -522,395,969,970 450999838097767 - 451577932120694 = -578,094,022,927 450916846047970 - 451569610247691 = -652,764,199,721 450854982289879 - 451563405180937 = -708,422,891,058 450045334556097 - 451555083842506 = -1,509,749,286,409

---Mint Fees after all swaps vs simulating exact math in mintingProtocolFees using ABDK --- 451580193343823 - 451896023954064 = -315,830,610,241 451496987584777 - 451882313369143 = -385,325,784,366 451434964549626 - 451886405497987 = -451,440,948,361 451351812295214 - 451872566899280 = -520,754,604,066 451289829137777 - 451876694117061 = -586,864,979,284 451206730336407 - 451862733231017 = -656,002,894,610 451144787016577 - 451866892461015 = -722,105,444,438 451061741616724 - 451852814766136 = -791,073,149,412 450999838097767 - 451857003083138 = -857,164,985,371 450916846047970 - 451842813819989 = -925,967,772,019 450854982289879 - 451847028442357 = -992,046,152,478 450045334556097 - 451832732622853  = -1,787,398,066,756

-------------------------- Comparison --------------------------

(451580193343823 - 451860496073837) / 1e18 = -2.8E-7 (450045334556097 - 451090806445253) / 1e18 = -1.05E-6 —————————————————————————————————————— (451580193343823 - 451860670008869) / 1e18 = -2.8E-7 (450045334556097 - 451093240167666) / 1e18 = -1.05E-6 —————————————————————————————————————— (451580193343823 - 451636049230145) / 1e18 = -5.59E-8 (450045334556097 - 451555083842506) / 1e18 = -1.51E-6 —————————————————————————————————————— (451580193343823 - 451896023954064) / 1e18 = -3.16E-7 (450045334556097 - 451832732622853 ) / 1e18 = -1.79E-6

Inflate the totalSupply on the same block attack vector

  • If attacker was to inflate totalUnclaimedFeesInNumeraire by doing 1000x swaps then calling joinPool or exitPool to invoke _mintProtocolFees()
  • What will be the effect of the inflated totalSupply to the latestAnswer()?

Swapping 10,000 247 times 452126696179101 355284872393123

-0.2141917843 (-21.41%)

Profit driven attack

  • how much FXPool swap fees do I pay for % price change vs liquidation bonuses
  • can I make a net profit from: liquidationBonuses - FXPoolSwapFees

Griefing driven attack

  • pay FXPool swap fees to change LP token price -> liquididate position(s)
  • they're making a loss

451750444428150 - 439796093459118

lpEthPrice0 451750444428150 lpEthPrice1 451645026530616

LiquidityNumeraire diff = 126612650000000000000 fees diff = 63306324419696319301

Within the BETA region 70% USDC 30% XSGD

Swap n XSGD for USDC FX price

60% USDC 40% XSGD (FXpool) 58% USDC 42% XSGD (UniV)

Liquidation test

  • Liquidate.Integrate.t.sol
  • update to use Polygon (same like HLPPriceFeedOracle.t.sol)
  • ensure add LP Token instead of HLP
  • _deployReserve
  • _deployAndSetLPOracle
  • luquidate
  • profit!!!
551709 - 542450 = 9259

9259 / 542450 = 0.01706885

Test Price Manipulation

OPS: [noop] Remove OR Disable the curve / HLP XSGD/USDC from the lending pool [DONE] add LP XSGD/USDC to the lending pool

  • deploy AToken Implementation
  • deploy StableDebtToken (optional?)
  • deploy VariableDebtToken
  • deploy DefaultReserveInterestStrategy output: ratio of tokens [DONE] liquidity[DONE] [DONE] price of XSGD/USDC LP token according to HLPOracle swap XSGD for USDC [DONE] output: price of XSGD/USDC LP token according to HLPOracle [DONE]

// intiial unclaimed fees: 0 // intiial oracle price: 452254034096056 // initial liquidity 542450333445999999999998 // initial base liquidity: 401743725007999999999999 // initial quote liquidity: 140706608437999999999999

// post base liquidity: 418321169591999999999999 // post quote liquidity: 159011451129999999999999 // gain in liq: 34882287276000000000000 // gain in base liq: 16577444584000000000000 // gain in quote liq: 18304842692000000000000 // gain in usdcBalance: 6457 // gain in xsgdBalance: 7733

// initial: 2.8551873254 // post: 2.6307612856

// initial liq/totalsupply: 1.0008642884076 // after burn: 0.990942995

// liq / supply

// why is total supply increasing faster than the liquidity? // is something not updated?